Time now for all us Wiggins watchers to move with the times and start using Planestation, the new company identity. The name Wiggins Group plc has now disappeared from the database at Companies House and Planestation is now listed on the LSE website.

So fellow travellers, forget Wiggins, the name of the game is now PLANESTATION. Lets hope it goes like an express train.

Afternoon all,thoughts on today .

Just read back through all the RNS notes and other bumf that has been posted to me from PTG and have finally worked out what is going on.

Here are the salient points.

1) The company is in a poor financial position. To rescue itself it has decided to concentrate on the air industry sector. To this end, it has opted to buy the remaining 70% of EUJet that it does not already own. By doing this, it has more control on which airports EUJet will operate from (i.e. it will make sure that all flights are from KIA - thereby generating an income stream). Expected synergies should also help to reduce operating costs. Hence the firm placing and open offer to raise 30m to fund this purchase and retain a little for working capital.

2) However, the company still needs further funding just to maintain trading, which it hopes to achieve by the disposal of certain assets (e.g. Garden Festival Site, etc). It hopes to raise some 15.5m in the short term. But as it says in the RNS dated 16 Dec 2004:

"The Enlarged Group is dependent upon the disposal of certain properties
realising net proceeds of approximately 15.5 million within the next 12 months.
The Group has a total working capital requirement of some 41.8 million (of
which 28.4 million will be financed from the net proceeds of the Issue and the
remainder of 13.4 million will be financed from part of the net proceeds of the
property disposals). If the disposals were not to occur and the Issue were
completed the Enlarged Group is expected to experience a working capital
shortfall by the middle of September 2005."

3) If the company does not fully complete the placing and open offer then its own bank is going to pull the plug. Again, from the RNS 16th Dec:

"Investors should be aware that if the Proposals are not approved at the EGM the
Bank of Scotland has confirmed that it would immediately withdraw its short term
facilities, and the Company would not then be able to meet its liabilities as
they fell due. In these circumstances no other sources of finance would be
available to the Company and the Directors would have no alternative but to
apply immediately for administration or to commence an insolvent liquidation of
the Company. Existing secured creditors of the Group would then be expected to
appoint receivers in respect of those properties subject to their security."

4) The sub-division of existing shares into new and deferred shares is not expected to have any effect on the current share price. Here is what they say:

"It is proposed that every issued Existing Share of 15p will be sub-divided into
one Existing Ordinary Share of 1p and one Deferred Share of 14p and every authorised but unissued Existing Share of 15p will be subdivided into fifteen Ordinary Shares of 1p. In the absence of any other factors affecting the Company's share price, the sub-division is therefore not expected to result in a change between the market price of the Existing Shares and the Existing Ordinary Shares. The Deferred Shares will in effect be worthless. No share certificates in respect of the Deferred Shares will be issued."

But I would challenge this statement. Lets look at the basic maths.

Number of existing shares in issue = 155,871,958. These will be sub-divided into equal numbers of new existing ordinary shares (155,871,958) and new deferred shares (155,871,958 - which have no value).

Number of existing authorised but un-issued shares = 44,128,042. These will be sub-divided into new existing ordinary shares on a 1 for 15 basis. Therefore these will contribute 15 x 44,128,042 = 661,920,630 new existing shares.

Therefore the total number of new existing shares will be 661,920,630 + 155,871,958 compared to the original number of just 155,871,958. Thus each new existing share has only 19% of the value of the old existing share.

The dilution is further worsened when the new shares from the firm placing and open offer are added into the sums!!!!!


So here is the quandry. If we don't take up our offer to purchase the new shares then there is a good probability that the company will go into administration. By purchasing these shares, we prevent administration (for now), but our investment may not show any fruition for a long long time.


PS the short term loan repayable in February is to extend the runway and resurface the carpark at KIA.

Sorry if this is long and rambling, but it may help someone decide what to do.

What prices do the new shares get issued at. I expect at far higher prices than todays so will probably never get issued.

jeffmack - the new shares are issued pari passu with the existing ones. They cost 10p each and have a nominal paper value of 1p. There market price will depend on whether people want to buy them or not (as per).

As a shareholder, 500,000 at the old rate, god knows how little this
represents now, petty cash and not much of that.
Anyone know what is realy going on with this stock with talk of liquidation
and more capital required, gloom and doom aplenty it seems.

Are the big shareholders going to take up the options anyone know?

Regards,

Nairb.http://Planestation

Good old Oly

Planestation Group PLC
10 January 2005

PlaneStation Group PLC ('the Company')

Petition

The Company announces that after the close of business on Friday, 7 January 2005
it was served with a petition in connection with the Firm Placing and the Open
Offer announced on 16 December 2004 together with an application for an
injunction to be heard at 10.30 a.m. today. The petition and application were
served by Mr Oliver Iny, a former chief executive of the Company. The injunctive
relief sought by Mr Iny would, if granted, result in the EGM, convened for 12
January 2005, being delayed.


The Company considers the petition and the application to be without merit and
will be defending the application for injunctive relief. A further announcement
will be made following the court hearing.


10 January 2005

latest release "application denied" but whether thats the end of it we will have to wait and see...Iny seems to have taken a long time to make first attempt at recovery, all to late for him I think

this is such a white elephant?????????????????????????????????????????????????

can anyone please tell me how many shares you can exchange for a warrent and at what price?

KIA has just increased its parking charges from 5 to 7.50 per day and from 20 per week to 30 per week. Still stating cheapest major airport parking charges in the UK.

Some kind chappie on another site has reminded me that December 04 provisional passenger statistics are out. Kent International shows 32,131 passengers, considering this was a 30 day month (no flights on Christmas Day), that's good in my estimation.

We have the situation where the (April? 04), CONSOLIDATION has been for nothing - the current sp being almost indistinguisable from what it was earlier - this company is a disgrace. We've been "diluted" and what should have been put to the vote (the buying-into EUjet)- was done without our backing, by the Suits....the company is now worth less than it was. Eeek!
So any of you that though it was a good idea, at the time, please say so here..........

hangon
I may be incorrect here, but the chance to vote must surely have been available at the EGM on 12 Jan 05, when approval for the exercise of the option was passed.

technically you're right As I understand it, but often the situation is forced on shareholders who are not party to the discussions - much expense has been incurred that to drop it "now" would waste what's already committed. It's never a level field.

Furthermore Directors use their shares and Block Votes to push through their policy - even though they really should be working on behalf of shareholders. To do that effectively, without bias, their shares should be ignored and only those present should be empowered to vote.
I've been to egm's where the board has stated that if the shareholders present don't agreee (to vote yes) then they will call a special vote (by post) which will be costly and that swayed those present to accept whatever point the Directors wanted.

So in practice it seems the directors only let you vote if you vote the way they want.
That's not really acceptable. I also object to the time-and-place for agm.
For those reasons I have declined their recent Rights Offer. If they listened to shareholders their business might be a lot healthier. This share has been very much higher some years ago, prior to the consolidation which effectively disguises the terminal falls.

Fly EUjet to watch the show.http://www.kentonline.co.uk/news/default.asp?article_id=19108

Whats going on here then....

Big trade went through, but other than that not alot of new news.

PlaneStation Group Plc: PTG.L / Index: LSE / Sector: Transport

8th March 2005

PlaneStation Group plc ('PlaneStation' or 'the Group')
Update



PlaneStation Group plc, the fully listed airport and airline operator, has made
significant progress following its restructuring programme and successful fund
raising earlier this year. The new strategy being implemented is aimed at
enhancing the value of the Group's airport assets and creating a successful low
cost airline, EUjet, based at Kent International Airport, Manston ('KIA') and
Shannon ('SNN') in Eire.



Black Forest Airport, Lahr, Germany



On Monday 28 February the Higher Administrative Court of the State of
Baden-Wurttemberg issued a judgement that the state government's refusal to
grant a full passenger licence at the Group's Black Forest Airport, Lahr,
Germany, was unlawful. No leave to appeal has been granted and the licensing
authority is obliged to reconsider its decision within one month.



Black Forest airport has been identified as a core airport asset of the Group
and a potential future hub for the Group's wholly owned airline EUjet. Situated
within 30 minutes driving time of Strasbourg, the airport extends to 515 acres
with a further 380 acres of development land adjacent to it. The airport
already has a full cargo licence.



KIA and EUjet



EUjet, the Group's low cost airline based at KIA, shows continued progress with
seats sold now exceeding 260,000 since its launch in September 2004.



Having changed the emphasis across the airline from business to leisure, the
average load factor across the airline is typically 60 per cent. Demand is more
leisure based than previously anticipated with stronger forward booking orders
for the peak summer season. Significantly the catchment area for passengers is
greater than previously anticipated and website hits have reached 100,000
visitors per week recently.



Additionally, the Group's discussions with cargo operators are progressing well.
KIA has the facilities to handle significant cargo volumes with its new Border
Inspection Post and being out of the air traffic control loops of Heathrow and
Gatwick, offers considerable time advantages over other airports as well as
competitive costs.


* * ENDS * *



Contacts:

Isabel Crossley St Brides Media & Finance Ltd Tel: 020 7242 4477



Notes to the Editors:

Fully listed PlaneStation Group plc is an airline and airport operator
with additional property assets
EUjet operates low cost leisure and business passenger flights from its UK
hub at KIA and weekend hub at Shannon in the Republic of Ireland. It
currently operates scheduled services to 22 UK and mainland European
destinations and uses a ticketless booking system -
www.eujet.com
.
Kent International Airport, Manston ('KIA'), is a fully operating airport
servicing both passenger and cargo traffic.
Manston Park comprises approximately 103 acres adjacent to KIA, which the
Group hopes to market and develop in conjunction with the airport.
Other key airports include
Black Forest Airport, Lahr, Germany, 30 minutes from Strasbourg,
currently services cargo traffic, but expects to begin passenger flights
within the next 12 months. Facilities include a 3,000 metre runway, 3.5
acres of hangar space, 15 acres of concrete aprons and taxiways, a
traffic control tower, fire station and parking facilities.
Melbourne Airport, Florida USA, 83 miles from Disneyworld, currently
handling approximately 400,000 domestic US passengers per annum. It is
the closest airport to Port Canaveral, which is the second busiest
cruise port in the world. The Company currently holds an operating
licence for the international terminal for an initial period of 10 years
with five consecutive five-year extensions, subject to performance
thresholds, up to a total of 35 years.
Other core properties include Fairlop Waters, Forest Road, Barkingside,
Essex, a leasehold property that comprises approximately 345 acres at
Fairlop Waters, which is presently operated as a leisure facility. The
Company hopes to develop a racecourse and grandstand with ancillary
buildings at the site.
The Group also owns a number of other non-core properties which are being
disposed of.




This information is provided by RNS
The company news service from the London Stock Exchange

Never a dull moment with PTG, finance director given the old heave ho!

For those interested in passenger figures, the UK CAA has just published the April provisional figures for KIA. Remember please that these figures are NOT EUjet pax figures, they are KIA only.

April 2005 total 30,775 passengers.

Rolling year 213,071.